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Monday's Energy Stocks: Utilities, energy sectors suffer amid trade conflict


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Monday's Energy Stocks: Utilities, energy sectors suffer amid trade conflict

U.S. equities fell dramatically, dragging the energy sector, Monday, Aug. 5, after China weakened its currency in a move escalating the trade conflict with the U.S.

The Dow Jones Industrial Average lost 2.90% to close at 25,717.74, and the S&P 500 shed 2.98% to wrap at 2,844.74.

Among players in the oil and gas sector that posted losses, Range Resources Corp.'s stock dropped 7.20% to close at $4.64 and Valero Energy Corp. shares fell 6.64% to end at $75.78, both in brisk trading. Andeavor Logistics LP units shed 6.24% to close at $32.17 on more than 10x average volumes.

Delek US Holdings Inc. stock slumped 8.59% to $38.01 at the close of a brisk session, after reporting adjusted net income of $90.6 million, or $1.17 per share, for the second quarter, up from $78.9 million, or 92 cents per share, a year ago.

Royal Dutch Shell PLC's class A shares were down 2.29% to $57.07 and class B stock retreated 2.66% to $57.40, both on high volumes. The oil major expects third-quarter production for its upstream segment and LNG liquefaction volumes for its integrated gas segment to increase year over year.

The International Chamber of Commerce's arbitration tribunal reportedly dismissed ConocoPhillips' $1.5 billion claim against Petróleos de Venezuela SA for breaking a contract in offshore oil project Corocoro. ConocoPhillips' shares lost 3.17% to end the session at $54.68 on slightly above-average volume.

Occidental Petroleum Corp. has signed a sales and purchase agreement with Total SA to divest all of Anadarko Petroleum Corp.'s assets in Algeria, Ghana, Mozambique and South Africa to the French oil major for $8.8 billion in cash, subject to certain adjustments. The deal is contingent on the completion of Occidental's planned merger with Anadarko. Occidental shares shrunk 3.44% to close a slow session at $49.42.

Concho Resources Inc. said it will be reducing production in the second half and also acknowledged making some major mistakes in developing the Permian Basin's Wolfcamp Shale. Concho stock fell 3.60% in heavy trading to close at $70.23.

Kosmos Energy Ltd. stock gained 1.60% in active trading to close at $5.73 after reporting adjusted net income of $21.8 million, or 5 cents per share, for the second quarter, up from an adjusted net loss of $34.9 million, or a loss of 9 cents per share, a year ago.

Williams Cos. Inc. and Global Infrastructure Partners are reportedly collaborating to potentially buy Noble Midstream Partners LP and take the master limited partnership private. Williams stock shed 4.92% to $23.78, while Noble Midstream grew 2.23% to close at $27.50, both on high volumes.

French state-controlled utility Electricité de France SA and its Canadian partner Enbridge Inc. have confirmed their investments in what could be the first wind farm to begin operating off the coast of France. Enbridge shares listed on the New York Stock Exchange settled 1.70% lower at $32.93 on above-average volume.

The S&P 500 Energy Index decreased 2.97% to 432.63 and the Alerian MLP Index gave up 2.82% to end the day at 235.42.

Gas utility holding company New Jersey Resources Corp. will sell $150 million of green bonds, in what will be its first such issuance. The utility's stock lost 4.19% to close an active session at $47.75.

In the power sector, Canadian Solar Inc. shares slid 5.87% to $20.52 on average volume. The company has started commercial operations at its 100.1-MWp Cafayate solar power project in the province of Salta, Argentina.

Hawaiian Electric Industries Inc. stock was down 2.34% to $43.32 at the close of a robust trading session. The company on Aug. 2 reported net income for common stock of $42.5 million, or 39 cents per share, in the 2019 second quarter, down from $46.1 million, or 42 cents per share, for the comparable quarter of 2018.

Ormat Technologies Inc. has achieved commercial operations of a 7-MWac solar project at its Tungsten Mountain power plant in Churchill County, Nev. The company's stock trimmed 2.20% to close at $64.13 on light volume.

NiSource Inc. shares declined 5.39% to close at $28.11 on strong trading, while PG&E Corp. stock decreased 3.49% to $17.95 and AES Corp. declined 3.03% to $16.32, both on low volumes.

The S&P 500 Utilities Index shed 1.51% to land at 300.49.

Market prices and index values are current as of the time of publication and are subject to change.